Business

ISLAMABAD: The Karachi Gateway Terminal Multipurpose Limited (KGTML) has informed the Ministry of Ports and Shipping that it has successfully achieved the berthing of seven wheat bulk-carrier vessels across berths 11-17 on the East Wharf of Karachi Port. In a letter to the ministry, KGTML has stated that this achievement has been made possible through the introduction of efficient operational …

KARACHI: Private sector participation in the economy is now lower than what it was in FY23, which saw a negative growth. The State Bank’s latest data shows the private sector has lost confidence in the banking system as it could hardly borrow Rs35 billion in the first nine months of FY 24. The amount for the same period in FY …

KARACHI: Gold rates hit an all-time high of Rs245,100 per tola (24K) on Saturday, breaking the previous record of Rs 242,700 on Sept 2 last year. A member of the All Sindh Saraf and Jewellers Association (ASSJA) said the gold rate rose by Rs4,900 per tola on the back of a $44 per ounce jump in the international market to …

LAHORE: Information Minister Attaullah Tarar on Saturday said that the incumbent government is actively taking measures to strengthen both the economy and industry, which are displaying positive signs. In a press conference at the PML-N’s Secretariat, he mentioned that Bloomberg had clearly stated that Prime Minister Shehbaz Sharif had a good experience in engaging with financial institutions and implementing economic …

TEXAS: Tesla has cancelled the long-promised inexpensive car that investors have been counting on to drive its growth into a mass-market automaker, according to three sources familiar with the matter and company messages seen by Reuters. The automaker will continue developing self-driving robotaxis on the same small-vehicle platform, the sources said. The decision represents an abandonment of a longstanding goal that …

KARACHI: Amid ongoing economic optimism, the stock market maintained a robust outlook, extending a surprise record-breaking spree in the last days of Ram­azan by scaling a new peak in the outgoing short week. Arif Habib Ltd (AHL) said the market continued its positive momentum throughout the four-day trading week, hitting an all-time high above the 68,000 level. The market sentiment …

LAHORE: Farmers across Punjab have voiced their disappointment following Chief Minister Maryam Nawaz Sharif’s decision to retain the previous year’s wheat support price and threatened legal action and protests if the government failed to address the issue. The chief minister “has failed her first trial on the agriculture front in the province”, Kisan Board Pakistan President Sardar Zafar Hussain said …

KARACHI: The government’s borrowing from banks reached Rs4.7 trillion, with an addition of Rs700 billion within the last two months. The State Bank of Pakistan’s (SBP) latest data showed that the government borrowed Rs4.69tr during July-March, marking record borrowings during the current financial year. The huge borrowing has already sidelined the private sector, as the sector’s borrowing fell by 70 …

ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet has failed to approve a clear-cut cash credit limit to the provinces and other stakeholders for wheat procurement despite two days of lengthy meetings. Informed sources claimed that a lack of experience in handling public interest matters appeared to be the key factor, as the ECC, led by Finance Minister Muhammad …

KARACHI: Engro Energy Ltd (EEL), a wholly owned subsidiary of Engro Corporation Ltd, has entered into a share purchase agreement (SPA) with Liberty Power Holding (Pvt) Ltd and a consortium to sell its thermal energy assets portfolio. The consortium consists of Liberty Mills Ltd, Soorty Enterprises, and Procon Engineering through Master Group of Industries. Selling thermal assets is part of …